Recital (15)

Innovation cycles in the financial sector are accelerating, and becoming more open and increasingly collaborative. It should therefore be possible for authorities to share information with financial institutions, researchers and other entities that can demonstrate to the relevant authority that they have a legitimate interest in using that information for the purposes of research and innovation beyond the initial purpose for which the information was collected. The sharing of such information would enhance its utility by increasing the information available for financial sector research, and would provide more opportunities to test products and business models. It would also allow greater collaboration between the various financial market participants, including fintech undertakings, start-ups and incumbent financial institutions. The re-use of data shared by authorities is governed by the general framework laid down in Chapter II of Regulation (EU) 2022/868 of the European Parliament and of the Council. However, considering the sensitive nature of the data that the authorities in the financial sector receive for supervision purposes, the protection of the public interest and in particular of the economic security of the Union should be ensured when such data is re-used. Therefore, this Regulation introduces specific mandatory conditions for the re-use of such data, including the anonymisation of personal and non-personal data, to ensure that individual financial institutions cannot be identified and that confidential information is protected. All procedures and steps in the collection, standardisation, anonymisation, storage and sharing of such data should be subject to the latest cybersecurity measures provided for by Union law.